A Signet Jewelers news update for its holiday season has SIG stock falling hard on Thursday.
The update from Signet Jewelers (NYSE:SIG) includes data about the company’s same-store sales for the period. SIG notes that these sales are down by 1.3% when compared to the same time last year. It is also now estimating that same store sales for its fiscal fourth quarter of 2019 will be down 1.6% to 2.5%.
The most recent Signet Jewelers news also includes an update to its guidance that is hurting SIG stock today. This includes a new fiscal fourth quarter of 2019 earnings per share estimate of between $3.77 and $3.92. This is a real blow to SIG stock as Wall Street is looking for earnings per share of $4.43 for the company’s fiscal fourth quarter of 2019.
This bit of Signet Jewelers news also includes an update for the company’s earnings per share estimate for its fiscal full year of 2019. The company now expects earnings per share for the fiscal year to range from $3.53 to $3.69. Just like with its other guidance change, this one is bad news for SIG stock by sitting well below analysts’ earnings per share estimate of $4.25 for the full fiscal year of 2019.
“Our holiday season performance fell short of our expectations,” Virginia Drosos, CEO of Signet Jewelers, said in a statement. “Early improvements in refreshed merchandise assortment, digital marketing and OmniChannel were more than offset by larger than expected declines in legacy product lines.”
SIG stock was down 23% as of Thursday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.